Dec 11, 2015 - 09:32 AM
1. Do you/your husband have siblings? If so, when your name is put on the account you become an owner. The money is yours as well as his. You can take money out with no strings attached, and when he dies, you will be the sole owner of the balance. This typically excludes any beneficiaries of the estate. So consider the size of the account, fairness, etc. This may also depend on how the account is titled (survivorship rights).
2. Do you have kids in college who might be eligible for financial aid? Owning this asset could affect FAFSA asset levels, and potentially disqualify your child for financial aid.
Banks sometimes have access or agent rights to accounts, which can be a better way to go.
POA's can be written to be very specific, or very general, but do not affect asset ownership. I would recommend that you consult with an attorney and possibly an accountant before making a change.